Loading ...
Sorry, an error occurred while loading the content.
 

Brazil plans to authorize foreign currency bank accounts

Expand Messages
  • Donald Reid
    . November 01, 2009 . Brazil s Central Bank plans to authorize the opening of bank accounts in foreign currency in a bid to slow the sharp rise of the national
    Message 1 of 1 , Nov 1, 2009
      .
      November 01, 2009
      .
      Brazil's Central Bank plans to authorize the opening of bank accounts in foreign currency in a bid to slow the sharp rise of the national currency real against dollar, officials said.
      .
      The opening of foreign currency bank accounts would avoid the appreciation of real which resulted from the strong inflow of foreign capital into Brazil's robust emerging economy, Brazilian newspaper O Globo quoted officials of the Brazilian monetary authority as saying on Saturday.
      .
      According to reports, the Brazilian finance ministry is also ready to approve a decree authorizing the Sovereign Fund, sourcing from the budget surplus, to purchase dollars.
      .
      The reduction in transaction costs would "lessen the pressure" in the exchange system, authorities said.
      .
      Brazil's currency recorded an appreciation of 0.95 percent in October and a cumulative appreciation of 24.67 percent in 2009. Since Oct. 30, 2008, real has accumulated a gain of 16.62 percent.
      .
      Source: Xinhua
      .

      [Non-text portions of this message have been removed]
    Your message has been successfully submitted and would be delivered to recipients shortly.